Business
The Real Brokerage Inc. Announces First Quarter 2022 Financial Results
TORONTO and NEW YORK, May 9, 2022 /PRNewswire/ -- The Real Brokerage Inc. ("Real" or the "Company") (NASDAQ: REAX) (TSXV: REAX), an international,
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"TORONTO and NEW YORK, May 9, 2022 /PRNewswire/ -- The Real Brokerage Inc. (\"Real\" or the \"Company\") (NASDAQ: REAX) (TSXV: REAX), an international, technology-powered real estate brokerage, is pleased to announce it has filed its financial results for the three months ended March 31, 2022.\nAdditional information concerning Real's unaudited consolidated financial statements and related management's discussion and analysis for the three months ended March 31, 2022 can be found on the Company's profile at www.sedar.com. Unless otherwise stated, all dollar amounts are in thousands of U.S. dollars.\nFirst Quarter Financial Highlights\nRevenue increased 562% to $62 million from $9.3 million in Q1 2021.Gross profit grew 374% year over year to $5.9 million in Q1 2022.Net operating loss was $4.3 million, compared to $3.7 million in Q1 2021.Adjusted EBITDA loss was $1.9 million compared to Adjusted EBITDA loss of $0.9 million in Q1 2021.Losses as a percentage of revenue decreased to 7% in Q1 2022 compared to 41% in Q1 2021.Cash flow from operations increased by 2,269% to $12 million compared to $0.5 million in Q1 2021.As of March 31, 2022, Real had $37.5 million in cash and investments compared to $37.9 million at March 31, 2021. The Company repurchased $4.5 million of common shares pursuant to its normal course issuer bid in Q1 2022.\"During the first quarter of 2022, increases in agent count and revenue per agent, continued to fuel our rapid growth,\" said Tamir Poleg, Chairman and Chief Executive Officer. \"Additionally, in support of our commitment to improve the homebuying experience, we acquired Expetitle, Inc., which has been rebranded as Real Title, as we seek to add ancillary services. We are also developing consumer facing technology. These measures help us to better serve our clients and agents, add new sources of revenue and grow our total addressable market as we increase our reach into the online real estate industry.\"\nOperational Highlights\nSurpassed 4,500 agents in March 2022, a 140% increase since March 2021.The value of completed real estate transactions grew 544% to $2.4 billion, compared to $374 million in Q1 2021.Revenue per agent grew 176% to $13.6 thousand in Q1 2022 compared to $4.9 thousand in Q1 2021.Transactions per agent grew to 1.38 compared to 0.7 in Q1 2021.Completed transactions grew 369% to 6,291 co...